Posted on 15 May 2011
Property in Istanbul has been ranked the number one investment in European Real Estate after a major survey of investors and property professionals across Europe carried out by Price Waterhouse Cooper and the Land Institute. Investors surveyed for the Emerging Trends in European Real Estate report ranked Istanbul number 1 for new acquisitions and for development, and number 2 for existing property performance — it scored over 6 out of 10 for all 3 categories.
Reading between the lines of the report, PWC tells us that the sentiment within the survey was even stronger than the figures tell, with some investors saying that Istanbul is the only city with true property investment potential. The report also said that Istanbul was the only city on the top cities list, which investors actually feel confident in the investment potential of the market itself, rather than their own ability to achieve high returns using their superior skills.
This is another feather in Istanbul’s cap. It was recently voted the fastest growing city in the world by the Brookings research institute, fending off competition from Brazil’s Rio de Janeiro, and of course the cities across China and Asia. Istanbul is home to one fifth of Turkey’s population and with the growing middle class and easing credit flows, demand for quality accommodation is soaring.
The commercial property market is also doing well, especially the retail and office sectors, but more recently the industrial sector is also picking up. With so much potential, and such a torrid financial situation across the rest of Europe, not to mention the backdrop of political strife tearing up the Middle East, it is hard not to notice Istanbul and Turkey.